Maleic Anhydride Market Size, Share & Trends Report

Maleic Anhydride Market Size, Share & Trends Analysis Report By Application (1,4-BDO, UPR, Additives, Copolymers), By Region (Asia Pacific, North America, Europe, Central & South America, MEA), And Segment Forecasts, 2019 - 2025

  • Published Date: May, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-191-7
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 120

Industry Insights

The global maleic anhydride market size was valued at USD 2.77 billion in 2018 and is projected to expand at a CAGR of 6.7% from 2019 to 2025.Increasing demand for Unsaturated Polyester Resins (UPR) and 1,4-Butanediol (BDO) are expected to augment market growth over the forecast period. UPRs are widely used as body filler for reconstruction and repair of damaged parts of vehicles. Maleic Anhydride (MAN) is an organic intermediate used for the production of several industrial chemicals, such as malic or maleic acid, UPRs, lubricating oil additives, alkenyl succinic anhydrides, and fumaric acid.

The molecular structure of MAN makes it an excellent crosslinking and conjunction agent. It also forms an integral structural component in industrial copolymers. In terms of consumption, U.S. leads the market in North America. High demand for UPR and additives in building & constructions coupled with technological advancement in manufacturing technologies has been the major driving factor. Product demand in U.S. is primarily driven by the refurbishment of the existing infrastructure. The growth is further supported by the U.S. government’s efforts to improve the energy-efficiency of buildings. Maleic anhydride is used to manufacture 1,4-butanediol (BDO) by Davy Process Technology (DPT).

U.S. maleic anhydride market

In this process, MAN is converted to the ester, which then undergoes fixed-bed hydrogenolysis to make a mixture of BDO, Tetrahydrofuran (THF), and GBL. BDO is an intermediate chemical for THF, Polytetramethylene Ether Glycol (PTMEG), Gamma-Butyrolactone (GBL), Polybutylene Terephthalate (PBT), and Polyurethane (PU). These chemicals are widely used in engineering plastics, fibers, medicines, artificial leather, cosmetics, pesticides, hardener, plasticizers, solvent, and rust remover. Increasing cases of car accidents on a global level is expected to propel the demand for UPR as they help repair dents caused during accidents.

According to the United States Census Bureau, over 9 million vehicles were involved in fatal and non-fatal accidents in the region in 2017. High demand for automobiles coupled with relatively slow growth of infrastructure has resulted in an increased cases of road accidents over the past few years. In addition, UPR is also used in the manufacture of high-performance components for the automotive industry. Thus, increasing UPR demand in the automobile industry is expected to drive maleic anhydride market growth over the forecast period.

N-butane and benzene are the primary feedstock for manufacturing MAN. Prices of these feedstocks are highly dependent on the crude and naphtha outputs. Fluctuating crude oil prices have been the major reason for high fluctuation in benzene prices. However, prices for maleic anhydride have been relatively steady over the last few years owing to stable demand and supply landscape. Current prices are estimated to continue to grow steadily on account of stability in crude oil prices along with softening of alternate raw material prices.

Application Insights

Unsaturated polymer resins were the largest application segment accounting for over 50% of global market share in 2018 and are expected to grow at a significant pace over the forecast period. These resins are used in various industries including electrical, automotive, marine, and construction on account of their cost effectiveness, high performance, and eco-friendly characteristics.

Growth of end-user industries, such as automotive and construction, in the developing economies of Central & South America and Asia Pacific regions is expected to drive the segment. Application of UPR gives a smooth surface to the vehicles and also provides good adhesion for the paint, thereby, increasing the shelf life of the applied coat. These resins are widely used in the production of bumpers, doors, roofs, and interiors and to repair damages caused during accidents.

Additives are primarily used to improve fuel efficiency for diesel, gasoline, distillate fuels, and other lubricants. They also add to the fuel efficiency by reducing the combustion rates, under high temperatures, prolong oil change intervals, improve engine efficacy, and decrease harmful emissions.

Growing demand for specialty fuel additives across various regional markets is expected to remain a key driving factor for this segment. Rising environmental concerns regarding toxic emissions have prompted regulatory agencies across the globe to mandate norms, for instance, cleaner diesel fuel program in U.S.

Regional Insights

Construction is one of the largest end-use industries in North America. U.S. has implemented a National Infrastructure Plan to attract USD 590 billion in infrastructure investment from 2014 to 2018. Such developmental initiatives are expected to increase the spending in construction sector, thereby boosting the demand for UPR. Growth of the marine and automotive sectors is also expected to propel the demand for UPR and MAN in the region over the next few years.

Global maleic anhydride market

Asia Pacific emerged as the largest manufacturer as well as consumer and is estimated to continue its dominance over the forecast years. Favorable government initiatives by the Indian and Chinese governments is expected to fuel region’s growth. Majority of demand is expected to come from the construction and plasticizers industries in the region. Increasing construction spending in emerging economies of China, India, and Indonesia is further expected to drive the product demand in APAC.

Maleic Anhydride Market Share Insights

The global market structure is highly segregated with top five companies including Yabang Jiangsu, Polynt, Huntsman, Qiaoyou Shanxi, and Tianjin Bohai. These companies together accounted for over 30% of the total volume in 2018. Huntsman was the single largest manufacturer of MAN and accounted for over 9.5% of the global market share in 2018.

Huntsman has two manufacturing facilities located in Louisiana and Florida with a total capacity of 155 kilotons and another manufacturing facility in Moers, Germany in collaboration with Sasol with a capacity of 105 kilotons. Some of the key industry participants are Huntsman Corporation, Laxness AG, MOL Hungarian Oil & Gas Plc, and Nippon Shokubai Co., Ltd. Several other manufacturers are Thirumalai Chemicals Ltd., Compania Espanola de Petroleos, S.A., and DSM N.V.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Volume in Kilotons, Revenue in USD Million, and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Country scope

U.S., Canada, Germany, France, Italy, U.K., China, India, Japan, South Korea, and Brazil

Report coverage

Volume and revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global maleic anhydride market report on the basis of application and region:

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Unsaturated Polymer Resin (UPR)

    • 1-4, Butanediol (BDO)

    • Additives

    • Copolymers

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S

      • Canada

    • Europe

      • Germany

      • France

      • Italy

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Middle East & Africa

    • Central & South America

      • Brazil

Key questions answered by the report
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